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Pre-loaded money card/teenagers. 'GoHenry' card

(19 Posts)
Joanne101030 Wed 29-Jan-14 08:15:36

Hi,
I want to make my 16?year old son more money wise and also have a convenient method of giving him cash when he needs it (this often means me shooting out to a cash point).
I have found a website for a "gohenry"card that allows me to load the card and he can use it at selected outlets (selected by me )and cash points. It also has a methods where he gets paid by doing small jobs/chores.
However, I cannot find any reviews on it and wonder if anyone has any information on the card or any other card that might be with trying. The 'goHenry ' card costs £1.95 a month and isn't a credit card.

Any thoughts would be much appreciated please.
Thank you.

DustyBaubles Wed 29-Jan-14 08:19:48

I think most of those pre pay cards are much the same.

I have a Cashplus MasterCard that I use for all online stuff, to avoid using my current account/debit card.

It's fabulous.

It doesn't have the option of restricting the outlets it can be used at, but that seems really over the top for a 16 year old, I wouldn't even consider restricting my twelve year old in that way.

My 16 year old just has a bank account and i transfer cash into it when i give her money, save yourself the fee and get him a bank card of his own.

Ragwort Wed 29-Jan-14 08:24:34

I do what teenage does for my 12 year old - he gets £10 a month (generous grin) and has to learn to budget himself. There are no fees to pay, he withdraws cash if he needs it.

A sixteen year old should be perfectly capable of doing this and you will save the monthly fees. Obviously give him whatever you feel appropriate for his age.

SavoyCabbage Wed 29-Jan-14 08:28:00

I've a prepaid travel card (because I don't live in the uk) that we put money on and then use exactly like a debit card.

We got it at our own bank so you could maybe ask yours. It doesn't have a monthly charge or anything.

Why don't you just open him an account though?

OddBoots Wed 29-Jan-14 08:28:16

The restricted outlets thing seems slightly pointless if it can be used in cashpoints - unless I'm missing something?

Shinyshoes1 Wed 29-Jan-14 08:29:52

My 16 year Old his own bank account which I transfer money into when he needs it and he manages the account himself
It's a basic one though with no cheque book or overdraft facility
At 16 I think they ought to have a proper bank account to be honest

Needmoresleep Wed 29-Jan-14 10:14:27

Agree with teenage. Mine have had cards since starting secondary and started commuting by public transport, partly to ensure that if there were major problems they could, say, take a cab home.

Most banks seem to do them. Our are with Barclays. Pocket money comes via direct debit. Birthday and Christmas money is deposited. Son usually spends his quite quickly, though on things he wants, DD saves hers, though will occasionally give her brother a loan. The advantage of a debit card is that it can be used on-line, plus it should make the transition to a student bank account relatively easy.

CogitoErgoSometimes Wed 29-Jan-14 11:37:26

Another one agreeing with teenage and others. My 13yo has had his own bank account (Barclays) and debit card for several months. He gets a monthly allowance, tops it up with money he earns from jobs, and it's his responsibility to manage the balance. It can't go overdrawn and there are no fees

Evcar Wed 29-Jan-14 15:45:33

Hi I have recently got 2 Go Henry cards (one for each and cannot recommend them enough. The set up process was really simple and quick (unlike setting up a bank account) and I have full visibility to where they are spending their money. I love the fact I can limit the amount they can spend at one time or with draw as this helps then learn to manage their money better and I have found their monthly allowance lasts them longer now than before they had the Go Henry cards. Go ahead and get them set up its great for them and you smile

Mine have had bank accounts with debit cards since year 7.
I transfer their pocket money in on the first of the month from my own account.
Does he not have a bank account?

Tbh if you want to teach him about how to manage money, I'd be more inclined to go with a bank account and debit card.

Joanne101030 Wed 29-Jan-14 21:19:11

Thank you for all your comments. I tried 3 banks today Lloyds, Nat west and Halifax. I was least impressed with Lloyds.
I have learned that at age 16 I have no control over my sons account unless he agrees to it. But at age 18 I can have a joint account with him. It's a joint account I would like now. Lloyds didn't seem to understand why this was a problem and got a bit aggressive (!).
I think I am going to give the bank account a try (if you knew my son you would know why I am a bit apprehensive -lovely as he is! Can anyone advise on a good bank to go for please? Someone has recommended Nation wide.
Thank you

DustyBaubles Wed 29-Jan-14 21:27:08

My pre teen has a nationwide account, but again I think they are all much of a muchness. It's really when you get to student accounts that you might find one offers a railcard or something that might be useful.

I wold expect a 16 year old to be able to manage their own account though, indeed, I expect my younger children to do so, otherwise they'd be at a complete loss once they need to juggle student finance etc.

I don't know the legal position on under 18s and joint accounts. Does your son want such a thing?

fuzzle Wed 29-Jan-14 21:34:10

Hi as a trial run could you maybe get him an account and only put limited money (i.e. only the amounts that he can freely spend). If he gets a part-time job, the money goes in their too. He has total sole control on his account with you not checking anything. Unless he has special needs, I really think he needs to be able to manage some money all on his own. Otherwise he'll never learn. Later if you need to put large chunks into an account for him that you want to see what happens to then you could get an additional joint account. I don't think there's much in it with the main banks and building societies really. Look and see if there are any offering incentives atm. I know ppl who use natwest, hsbc, co-op, barclays, they all seem to be the same pretty much.

To be honest you can control it if you want, i do my DD's internet banking for her as she cant be bothered, every week i transfer the pennies left in her account into a savings account that she has no card for, also she puts some of her birthday/christmas money in there. I pay in £10 a week for her plus extra when im feeling generous, She has a santander account very easy to set up an i did it all online didn't even have to go into the bank.

AnotherWorld Thu 30-Jan-14 22:47:52

He's 16. And unless he's got SN I agree with PP that this is for him to sort out and manage isn't it?

Ragwort Fri 31-Jan-14 09:05:48

I think you need to tell us what your concerns are. Do you think he will withdraw all the money and spend it unwisely?

My DS only gets £10 a month grin - he understands that he doesn't get any more if it is spent and if wants clothes/expensive deodrant/presents for his friends/playstation stuff he has to save it up.

Fortunately he is quite frugal grin and has never abused the account (Nationwide Building Society) - he can't go 'overdrawn' and he has never asked us for any more.

Can you do a trial - ie; transfer what ever you consider appropriate to his account for three months, remind him what it is meant to cover and then review at the end of the three months?

Joanne101030 Sat 01-Feb-14 17:30:27

Hi thanks. I am going to have a trail run with a 16-18 bank account.
Thanks very much.
Xxx

CogitoErgoSometimes Tue 04-Feb-14 13:54:01

If you think your son is going to be irresponsible then all you have to do is be custodian of his bank card. If he needs to take out cash or buy something he has to ask you for the card and explain what it's for.

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